ABoR: Area home sales up, city of Austin home prices down slightly in February

Central Texas home sales increased 6 percent from February 2018 to February 2019, according to a March 14 report from the Austin Board of REALTORS.

The increase in sales was accompanied by a rise in both active listings and housing inventory, which signals the area housing market “continues to move toward greater balance,” per the report.

Across the Austin-Round Rock metropolitan statistical area, the median home price decreased 0.3 percent, from $296,000 in February 2018 to $295,000 in February 2019.

“While demand remains strong due to population growth, this is no longer a market where homes sell significantly above listing price,” ABoR President Kevin Scanlan said. “Housing affordability challenges might be limiting what consumers are able to pay for a home.”

In Travis County, home sales and median home price both increased year-over-year.

There were 986 sales in February 2019, up 1.5 percent from February 2018. The median home price increased 1.2 percent over the same period, to $344,000.

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Scanlan attributed the growth, in part, to the growing tech sector in North Austin—Apple recently announced it would build a $1 billion campus in the area—as well as increased interest in living close to one’s work.

“We’re seeing a lot of development in North Austin, as major tech employers are looking for space with ample room for housing development and access to major transportation arterials,” Scanlan said. “Mobility has become such a problem that employees want to live closer to where they work, if they can afford to move.”

Emma Freer began covering Central Austin for Community Impact Newspaper in 2017. Her beat includes the Travis County Commissioners Court and local business news. She graduated from Columbia Journalism School in 2017.